Pub Date : 2022-05-04DOI: 10.1142/s2282717x22500049
Tony Anyangwe
{"title":"Culture and the Performance of Microfinance Institutions","authors":"Tony Anyangwe","doi":"10.1142/s2282717x22500049","DOIUrl":"https://doi.org/10.1142/s2282717x22500049","url":null,"abstract":"","PeriodicalId":34440,"journal":{"name":"Journal of Financial Management Markets and Institutions","volume":"41 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79664079","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-04DOI: 10.1142/s2282717x22500037
Giuliana Borello, F. Pampurini, A. Quaranta
{"title":"Can High-tech investments improve banking efficiency?","authors":"Giuliana Borello, F. Pampurini, A. Quaranta","doi":"10.1142/s2282717x22500037","DOIUrl":"https://doi.org/10.1142/s2282717x22500037","url":null,"abstract":"","PeriodicalId":34440,"journal":{"name":"Journal of Financial Management Markets and Institutions","volume":"267 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79803788","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-29DOI: 10.1142/s2282717x21500109
A. Cicchiello, M. Cotugno, S. Monferrà, S. Perdichizzi
Based on daily data from Thomson Reuter’s Refinitiv, we investigate the effect of information and communication technology (ICT) on the profitability and risk of the European banking industry during the COVID-19 pandemic. Specifically, we empirically examine whether and how ICT diffusion affects banks’ stock return, credit default swaps (CDS) spreads and market volatility over the period spanning from January 1, 2020, to March 31, 2020. Our evidence demonstrates that ICT improves banks’ performance measures and reduces risks. These effects are more significant in the post-COVID-19 period.
{"title":"EXPLORING THE IMPACT OF ICT DIFFUSION IN THE EUROPEAN BANKING INDUSTRY: EVIDENCE IN THE PRE- AND POST-COVID-19","authors":"A. Cicchiello, M. Cotugno, S. Monferrà, S. Perdichizzi","doi":"10.1142/s2282717x21500109","DOIUrl":"https://doi.org/10.1142/s2282717x21500109","url":null,"abstract":"Based on daily data from Thomson Reuter’s Refinitiv, we investigate the effect of information and communication technology (ICT) on the profitability and risk of the European banking industry during the COVID-19 pandemic. Specifically, we empirically examine whether and how ICT diffusion affects banks’ stock return, credit default swaps (CDS) spreads and market volatility over the period spanning from January 1, 2020, to March 31, 2020. Our evidence demonstrates that ICT improves banks’ performance measures and reduces risks. These effects are more significant in the post-COVID-19 period.","PeriodicalId":34440,"journal":{"name":"Journal of Financial Management Markets and Institutions","volume":"202 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72424728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-30DOI: 10.1142/s2282717x21500080
C. Sharma
This study examines the effects of corruption and political instability and violence on the financial sector development. We estimate the impact for a panel of countries classified by income groups and regulatory quality. The study considers the period from 1996 to 2015 for analysis. The empirical models of this study test the linear as well as nonlinear relationships between corruption and financial sector development. Our analysis utilizes a dynamic panel data model and takes care of the potential endogeneity problem in estimation. The results show that corruption has a negative effect on financial sector development for all as well as different income-group countries. Our results further show that the effects of corruption are nonlinear in nature and indicate that corruption is more financial development-reducing when its level is very high. We also test the joint effect of corruption and political instability and violence on financial development. It largely shows that their combined effect is positive, implying that widespread corruption can positively affect financial development if a country is suffering from an unstable political institution.
{"title":"DOES CORRUPTION SAND THE WHEELS OF FINANCIAL SECTOR DEVELOPMENT? EVIDENCE FROM GLOBAL PANEL DATA","authors":"C. Sharma","doi":"10.1142/s2282717x21500080","DOIUrl":"https://doi.org/10.1142/s2282717x21500080","url":null,"abstract":"This study examines the effects of corruption and political instability and violence on the financial sector development. We estimate the impact for a panel of countries classified by income groups and regulatory quality. The study considers the period from 1996 to 2015 for analysis. The empirical models of this study test the linear as well as nonlinear relationships between corruption and financial sector development. Our analysis utilizes a dynamic panel data model and takes care of the potential endogeneity problem in estimation. The results show that corruption has a negative effect on financial sector development for all as well as different income-group countries. Our results further show that the effects of corruption are nonlinear in nature and indicate that corruption is more financial development-reducing when its level is very high. We also test the joint effect of corruption and political instability and violence on financial development. It largely shows that their combined effect is positive, implying that widespread corruption can positively affect financial development if a country is suffering from an unstable political institution.","PeriodicalId":34440,"journal":{"name":"Journal of Financial Management Markets and Institutions","volume":"2014 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83162182","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-30DOI: 10.1142/s2282717x21500079
Andrea Odille Bosio, Anna Gervasoni, Francesco Bollazzi
The internationalization of the portfolio company is a key strategy used by private equity (PE) investors to create value and produce returns. In recent years, the focus on the strategies for value-creation through operational improvement has become essential to achieve the exponential growth required to the portfolio company, given the low multiples and the market risk of leverage. In this paper, we define the key types of contribution that a PE investor can provide in order to support the internationalization process and their effects on the portfolio company’s performance. The research is based on a survey administered to 47 PE fund managers, which covers 156 deals involving Italian companies. The results offer insight into the contribution to the corporate governance, strategy and management that PE provides in addition to the monetary support. The findings show that the non-financial support given to the portfolio companies has a positive impact on the performance and that the most impactful contribution the PE can give is the support to the relational network when the company strategy involves a foreign direct investment.
{"title":"THE STRATEGIC ROLE OF PRIVATE EQUITY IN THE INTERNATIONALIZATION OF ITALIAN SMEs","authors":"Andrea Odille Bosio, Anna Gervasoni, Francesco Bollazzi","doi":"10.1142/s2282717x21500079","DOIUrl":"https://doi.org/10.1142/s2282717x21500079","url":null,"abstract":"The internationalization of the portfolio company is a key strategy used by private equity (PE) investors to create value and produce returns. In recent years, the focus on the strategies for value-creation through operational improvement has become essential to achieve the exponential growth required to the portfolio company, given the low multiples and the market risk of leverage. In this paper, we define the key types of contribution that a PE investor can provide in order to support the internationalization process and their effects on the portfolio company’s performance. The research is based on a survey administered to 47 PE fund managers, which covers 156 deals involving Italian companies. The results offer insight into the contribution to the corporate governance, strategy and management that PE provides in addition to the monetary support. The findings show that the non-financial support given to the portfolio companies has a positive impact on the performance and that the most impactful contribution the PE can give is the support to the relational network when the company strategy involves a foreign direct investment.","PeriodicalId":34440,"journal":{"name":"Journal of Financial Management Markets and Institutions","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81037116","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-12DOI: 10.1142/s2282717x21500067
Vincenzo Capizzi, E. Gioia, G. Giudici, F. Tenca
The increasing attention to sustainability issues in finance has brought a proliferation of environmental, social, and governance (ESG) metrics and rating providers that results in divergences among the ESG ratings. Based on a sample of Italian listed firms, this paper investigates these divergences through a framework that decomposes ESG ratings into a value and a weight component at the pillar (i.e. E, S, and G) and category (i.e. sub-pillar) levels. We find that weights divergence and social and governance indicators are the main drivers of rating divergences. The research contributes to develop a new tool for analyzing ESG divergences and provides a number of recommendations for researchers and practitioners, stressing the need to understand what is really measured by the ESG rating agencies and the need for standardization and transparency of ESG measurement to favor a more homogeneous set of indicators.
{"title":"THE DIVERGENCE OF ESG RATINGS: AN ANALYSIS OF ITALIAN LISTED COMPANIES","authors":"Vincenzo Capizzi, E. Gioia, G. Giudici, F. Tenca","doi":"10.1142/s2282717x21500067","DOIUrl":"https://doi.org/10.1142/s2282717x21500067","url":null,"abstract":"The increasing attention to sustainability issues in finance has brought a proliferation of environmental, social, and governance (ESG) metrics and rating providers that results in divergences among the ESG ratings. Based on a sample of Italian listed firms, this paper investigates these divergences through a framework that decomposes ESG ratings into a value and a weight component at the pillar (i.e. E, S, and G) and category (i.e. sub-pillar) levels. We find that weights divergence and social and governance indicators are the main drivers of rating divergences. The research contributes to develop a new tool for analyzing ESG divergences and provides a number of recommendations for researchers and practitioners, stressing the need to understand what is really measured by the ESG rating agencies and the need for standardization and transparency of ESG measurement to favor a more homogeneous set of indicators.","PeriodicalId":34440,"journal":{"name":"Journal of Financial Management Markets and Institutions","volume":"29 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74609792","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-28DOI: 10.1142/s2282717x2150002x
A. Furnham, Sylvia Impellizzeri
A relatively small sample of experts ([Formula: see text]) working within the quantitative financial area completed two questionnaires measuring their personality and values. This study set out to determine how personality and motivation/work values predict subjective work success and organizational fit using the High Potential Traits Inventory (HPTI) and the Work Value Questionnaire (WVQ). Compared to the population norms, the “Quants” were higher on Curiosity and Conscientiousness but lower on Tolerance of Ambiguity and Risk-Taking Approach. The “Quants” scored higher than population norms on one facet of intrinsic motivation and all three of the extrinsic motivation. The results demonstrated that Conscientiousness and Intrinsic Motivation were both significant predictors of subjective work success. The results are discussed in terms of how to select, manage and promote “Quants”. Implications and limitations are discussed.
{"title":"THE PERSONALITY AND MOTIVATION OF “QUANTS”: THE MATH GENIUSES OF WALL STREET","authors":"A. Furnham, Sylvia Impellizzeri","doi":"10.1142/s2282717x2150002x","DOIUrl":"https://doi.org/10.1142/s2282717x2150002x","url":null,"abstract":"A relatively small sample of experts ([Formula: see text]) working within the quantitative financial area completed two questionnaires measuring their personality and values. This study set out to determine how personality and motivation/work values predict subjective work success and organizational fit using the High Potential Traits Inventory (HPTI) and the Work Value Questionnaire (WVQ). Compared to the population norms, the “Quants” were higher on Curiosity and Conscientiousness but lower on Tolerance of Ambiguity and Risk-Taking Approach. The “Quants” scored higher than population norms on one facet of intrinsic motivation and all three of the extrinsic motivation. The results demonstrated that Conscientiousness and Intrinsic Motivation were both significant predictors of subjective work success. The results are discussed in terms of how to select, manage and promote “Quants”. Implications and limitations are discussed.","PeriodicalId":34440,"journal":{"name":"Journal of Financial Management Markets and Institutions","volume":"63 2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78623200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-09-21DOI: 10.1142/s2301385020990010
{"title":"AUTHOR INDEX VOLUME 8 (2020)","authors":"","doi":"10.1142/s2301385020990010","DOIUrl":"https://doi.org/10.1142/s2301385020990010","url":null,"abstract":"","PeriodicalId":34440,"journal":{"name":"Journal of Financial Management Markets and Institutions","volume":"79 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74166572","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.1142/s2282717x20400010
S.Carbó Valverde, Francisco Rodriguez Fernandez
This article explores some recent macroeconomic and microeconomic approaches to financial digitalization and the relationship between banks, FinTech and BigTech. It also deals with new approaches to identify the adoption and implications of financial digitalization by consumers. We show competition between traditional banks and tech companies is mostly driven by their relative ability to manage information sharing. Regulation is still considering ways of providing a level playing field while industry participants are reacting with a mixture of strategies, many of them based on cooperation. The paper also shows there are different ways in which customers access financial digital channels and new approaches from matching learning and brain studies to identify behavioral patterns in financial digitalization decisions.
{"title":"FINANCIAL DIGITALIZATION: BANKS, FINTECH, BIGTECH, AND CONSUMERS","authors":"S.Carbó Valverde, Francisco Rodriguez Fernandez","doi":"10.1142/s2282717x20400010","DOIUrl":"https://doi.org/10.1142/s2282717x20400010","url":null,"abstract":"This article explores some recent macroeconomic and microeconomic approaches to financial digitalization and the relationship between banks, FinTech and BigTech. It also deals with new approaches to identify the adoption and implications of financial digitalization by consumers. We show competition between traditional banks and tech companies is mostly driven by their relative ability to manage information sharing. Regulation is still considering ways of providing a level playing field while industry participants are reacting with a mixture of strategies, many of them based on cooperation. The paper also shows there are different ways in which customers access financial digital channels and new approaches from matching learning and brain studies to identify behavioral patterns in financial digitalization decisions.","PeriodicalId":34440,"journal":{"name":"Journal of Financial Management Markets and Institutions","volume":" 44","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1142/s2282717x20400010","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72382343","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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